8/2/2023 0 Comments Binance dex![]() ![]() ![]() There is another interesting aspect of BNB that makes it a pseudo-equity like instrument. Users can also use BNB to issue digital assets on Binance chain, create trading pairs between two different digital assets issued on Binance chain, and will be used to pay trading fees on the Binance decentralized exchange(DEX). BNB is currently used to access cheaper trading fees on Binance’s legacy exchange platform, but the discount on fees will be reduced significantly overtime. Moving past the most basic of functionalities, BNB can be used for a few other purposes. At its most basic level BNB can be sent and received like any other cryptocurrency. ![]() Utility-Token & Pseudo-Equityīinance coin has a few capabilities and functions. Binance is putting that received wisdom to the test and may serve as another lesson proving the received wisdom correct, or they could lay out a path for more to follow. If Binance is successful in making the transition from exclusive control of exchange functions to setting up a global decentralized exchange with no central point of authority or responsibility, this would be a groundbreaking achievement for Binance and the industry as a whole.Ĭommon wisdom says a network or organization can transition from a decentralized topology to a centralized hierarchy rather easily but the reverse is close to impossible to accomplish. Binance chain was created with the exclusive purpose of supporting Binance’s plans for operating a decentralized exchange. Tendermint is seen as a high quality Proof of Stake algorithm by many practitioners and theorists.īNB is an example of a single application blockchain as opposed to a general purpose blockchain like an Ethereum, EOS, or Tezos. The Cosmos SDK includes the Tendermint consensus engine which Binance chain uses for its consensus mechanism. Binance uses the Cosmos SDK which is an open source toolkit built for developers looking to create single purpose blockchains. The Binance team leveraged some of the tools already built by other projects in the space. Many chains are just imitations or forks of Bitcoin, or were written from scratch by the team creating the chain. In April 2019 Binance Chain officially launched and BNB can now be sent and received over its own native network without the need for Ethereum. And they’ve made good on their intentions. On June 30th, 2017 Binance launched a token sale on Ethereum for Binance Coin (BNB) as an ERC-20 token with the intention of building their very own blockchain for BNB. Binance Coin was created by the popular international crypto-exchange, Binance. ![]()
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